‘Duped' retail investors want Ottawa to step in

[CHIMO]

OTTAWA — Retail investors who feel they were “duped” into losing their life savings by investing in non-bank asset backed commercial paper want the federal government to get involved in recoup their losses.

At a hearing before the House of Commons Finance Committee, investor activists gave harsh accounts about how their financial advisers had stashed their savings in non-bank ABCP, telling their clients it was as safe as Guaranteed Investment Securities or treasury bills.

“Everything has turned horribly wrong,” said Murray Candlish, a semi-retired farmer who put his inheritance and much of his life savings in non-bank ABCP — the same commercial paper that has been frozen since last August.

“Please help the individual investors...to get back what is rightfully ours,” he asked the committee. “If individual investors are guilty of anything, they are guilty of trusting the Canadian banking system.”

http://www.reportonbusiness.com/servlet/story/RTGAM.20080410.wabcpfollow0410/BNStory/robNews/home

And who seems to be opposing this analysis. You would be surprised. Seems to me like the CBC thinks that the big guys are being generous.

http://cbc.ca/calgary/media/audio/biznet/20080409APR10-IN.ram

http://www.cbc.ca/biznet/

[Caradoc]

1. Caveat Emptor...

...'buyer beware', right? Anyone who believes there is adequate 'regulation' in banking is on crack. Conservative or Liberal, doesn't matter, neither has exactly been tough on both domestic or international banking methods. I've worked hard for my money, lost lots of it over the years, and at least taken the time to research what's 'safe' and what's not. If it looks like the returns on an investment are too good to be true, it's almost 99% certain they are. Greed kills. And now it's the governments fault and taxpayers must pay?